1. Sale of partnership interest

My client has 20% of a partnership that owns a commercial building. The client would like to sell his interest in the partnership. Is it better to have the partnership buy back his interest or the other partners buy it? (I understand that the property could be dropped out to Tenants in Common and then within proper time parameters do a 1031 - but that is not needed).

Thanks in advance for any suggestions/guidance on this.

Jay M. Menachem, CPA 300 Garden City Plaza, Suite 410 Garden City, New York 11530 Tel: 516-877-9277 Fax: 516-877-9677 Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties.Privileged and Confidential - this communication and any attachments are confidential and privileged. They are intended for the sole use of the addressee. If you receive this transmission in error, you are advised that any disclosure, copying, distribution, or the taking of any action in reliance upon this communication is strictly prohibited. If you have received this communication in error, please contact me at the above email address. Thank you.

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My client has 20% of a partnership that owns a commercial building. The client would like to sell his interest in the partnership. Is it better to have the partnership buy back his interest or the other partners buy it? (I understand that the property could be dropped out to Tenants in Common and then within proper time parameters do a 1031 - but that is not needed).

Thanks in advance for any suggestions/guidance on this.

Jay M. Menachem, CPA 300 Garden City Plaza, Suite 410 Garden City, New York 11530 Tel: 516-877-9277 Fax: 516-877-9677 Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties.Privileged and Confidential - this communication and any attachments are confidential and privileged. They are intended for the sole use of the addressee. If you receive this transmission in error, you are advised that any disclosure, copying, distribution, or the taking of any action in reliance upon this communication is strictly prohibited. If you have received this communication in error, please contact me at the above email address. Thank you.